Greater Tampa Home Sales April 2017 – Tampa Market Monday

Happy Monday!

Typically we review home sales in specific communities in the Tampa area like New Tampa or Wesley Chapel. But, today let’s take a step back and look at the trends that are driving the Greater Tampa real estate market as a whole.

The table above tells us that Total Sold Dollar Volume in April of 2017 rose 6.6% compared to April of 2016. The Number of Homes Sold (or Closed Sales) held steady at just under 2,900 and the Median Sold Price* jumped 10.4% to $212,000. Average Price Per Square Foot increased 9.2% to $130.

TheAverage Number of Days a home stayed on the market declined 10.2% to 53 days, while the Median Days a home stayed on the market plunged a whooping 32.4% to 23 days. What’s the difference between average and median? To get the Average Days you simply take the number of days it took all homes to sale and divide it by the number of homes sold, but Median Days shows that half of the homes sold in 23 days or less and the other half took more than 23 days.

(MEDIAN SOLD PRICE – Median means “in the middle,” meaning that half of the homes sold above the Median Sold Price and half sold below it. For example, if 5 homes sold in a zip code for $200,000, $250,000, $300,000, $400,000 and $800,000, the Median Price would be the one in the middle. In this case, that would be the $300,000 home. In contrast, average selling price would just be the sum of the selling prices of the 5 homes divided by 5, or $330,000. Many real estate statisticians prefer median price as a better indicator of the “typical” price within an area or zip code. Why? “Outliers” or homes sold at an extremely high or low price — like the $800,000 home in our example — do not affect it as much.)

See charts below for a more detailed breakdown of the trends.

Bottom Line

In a nutshell, the trends indicate that while the same number of homes sold compared to April a year ago, the homes sold faster and for a higher price. I expect these trends to continue until the the inventory of houses for sale increases. As I’ve said before, now is a great time to put your home on the market because at the moment buyers outnumber sellers.

(Want a customized evaluation of your home and neighborhood, based on comparable homes that have sold recently? Call Annette Bohannon at 813-431-2840 and get a FREE detailed, market evaluation of your home.)

Now here’s an overview of some of the most helpful and interesting blog posts, articles, and infographics we’ve read this week. Enjoy!

From the Blog:

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages.

The good news is that builders are now starting to build more homes in lower price ranges.

Advice for Buyers:

Buying a home is a common undertaking for many Americans, but it’s also one of the most complicated — not to mention costly — purchases adults will ever make. It’s important to understand these 10 essential terms so you’re ready to make smart decisions with your money.

Economics 101: The Law of Supply and Demand says that limited supply and high demand leads to higher prices. Housing inventory continues to be in short supply and is forecast to hamper the housing markets again in 2017.

Ask any realtor in almost any market and they will tell you the same woeful tale; there simply aren’t enough houses for all of the ready buyers actively looking to become homeowners.

Advice for Sellers

Buying a home is a common undertaking for many Americans, but it’s also one of the most complicated — not to mention costly — purchases adults will ever make. It’s important to understand these 10 essential terms so you’re ready to make smart decisions with your money.

Home Loans

The 30-year mortgage rate fell 3 basis points this week to 4.02 percent. However, this week’s survey closed prior to Wednesday’s flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week’s survey.

30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 18, 2017, down from last week when it averaged 4.05 percent. A year ago at this time, the 30-year FRM averaged 3.58 percent.

15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

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Doug, Annette & Dale Bohannon

Team Bohannon Real Estate Experts

Keller Williams Tampa Properties
Tampa, Florida

(813) 979-4963

If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963